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C1. Explain why temporary accounts are closed each period. C2. Identify steps in the accounting cycle. C3. Explain and prepare a classified balance sheet. Analytical

C1. Explain why temporary accounts are closed each period.

C2. Identify steps in the accounting cycle.

C3. Explain and prepare a classified balance sheet.

Analytical objectives:

A1. Compute the current ratio and describe what it reveals about a companys financial condition.

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